- published: 28 Oct 2015
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"A Day in the Life" is a song by The Beatles, the final track on the group's 1967 album Sgt. Pepper's Lonely Hearts Club Band. Credited to Lennon–McCartney, the song comprises distinct segments written independently by John Lennon and Paul McCartney, with orchestral additions. While Lennon's lyrics were inspired by contemporary newspaper articles, McCartney's were reminiscent of his youth. The decisions to link sections of the song with orchestral glissandos and to end the song with a sustained piano chord were made only after the rest of the song had been recorded.
The supposed drug reference in the line "I'd love to turn you on" resulted in the song initially being banned from broadcast by the BBC. Since its original album release, "A Day in the Life" has been released as a B-side, and also on various compilation albums. It has been covered by other artists including Sting, Bobby Darin, The Fall, Neil Young, Jeff Beck, The Bee Gees, Robyn Hitchcock, Phish and since 2008, by McCartney in his live performances. The song is frequently listed among the greatest songs ever written.
Pension tax simplification, often simply referred to as "pension simplification" and taking effect from A-day in 6 April 2006 was a policy announced in 2004 by the Labour government to rationalise the British tax system as applied to pension schemes. The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning. The government wanted to encourage retirement provision by simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions.
Broadly the new regime allows considerable freedom in the tax relievable contributions that may be made to pension schemes, and the assets in which they may be invested. It also however caps the size of tax favoured pension fund that may be accumulated by an individual. This 'lifetime allowance' was set at £1.6M for 2007–08. Funds accumulated in excess of the lifetime allowance are subject to a tax charge of 55%. Transitional protection provisions were made for individuals who had already accumulated pension funds in excess of this amount.